Middlesex Water Company (MSEX)

Debt-to-capital ratio

Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Long-term debt US$ in thousands 352,822 358,153 290,280 290,280 273,244
Total stockholders’ equity US$ in thousands 445,263 422,991 400,328 367,726 348,292
Debt-to-capital ratio 0.44 0.46 0.42 0.44 0.44

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $352,822K ÷ ($352,822K + $445,263K)
= 0.44

The debt-to-capital ratio for Middlesex Water Company has remained relatively stable over the past five years, fluctuating within a narrow range. As of December 31, 2020 and 2021, the ratio stood at 0.44, indicating that debt comprised 44% of the company's total capital. In 2022, the ratio slightly decreased to 0.42, suggesting a lower proportion of debt relative to total capital. However, by the end of 2023, the ratio increased to 0.46, signifying a higher level of debt compared to capital. Finally, by December 31, 2024, the ratio returned to 0.44, aligning with the levels observed in 2020 and 2021. Overall, the company's debt-to-capital ratio has shown stability with some minor fluctuations during the period under review.